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Washington, D.C. – Speaker Nancy Pelosi released the following statement today on President-elect Obama’s announcement of his economic team:
“President-elect Barack Obama has assembled an exceptionally talented and diverse economic team to help him lead our nation during the most serious economic crisis in generations. Congress stands ready to work with the new President on his bold plan to restore confidence to our economy, create and save 2.5 million good-paying jobs here at home, and make us more competitive in the 21st century global economy.
“Having crafted recovery proposals that have been debated and passed the House, Appropriations Committee Chairman David Obey is already working to draft legislation that will help create new jobs by investing in a cleaner energy future, build a high-tech infrastructure that brings the power of renewable energy and broadband to communities across America, rebuild our bridges and modernize our schools. Ways and Means Committee Chairman Charles Rangel is working with the new Administration on a tax cut proposal that will make the tax code more fair for the middle class. We will work with the President-elect and his team so that 111th Congress can immediately act upon this New Direction for our economy.
“But Americans cannot wait until January for concrete action to restore our economic strength, which is why Democrats again urge President Bush and Senate Republicans to work with us to enact the economic recovery package the House passed in September. Enacting this legislation would provide a down payment on new job-creating infrastructure investments, help states avoid deep cuts to health care and other essential services, and provide nutrition assistance to struggling families.
“President Bush and Treasury Secretary Paulson can also strengthen our economy immediately by acting on FDIC Chair Sheila Bair’s plan to help as many as 2 million Americans avoid foreclosure. Helping Americans avoid foreclosure is at the heart of solving our economic crisis, and will help millions of families and communities around the nation.
“In this time of economic crisis, bipartisan action is not only in order, it is essential. I urge President Bush to use his remaining days in office to work cooperatively with Congress and President-elect Obama to stabilize the economy, help struggling families, and prepare us for economic recovery in the new year.”